| Period | Interest Rates |
| 91 – Day | 14.7079% |
| 182 – Day | 15.1324% |
| 2-Year Term Note | 19.7500% |
Short-term Government of Ghana (GoG) Treasury bill rates posted a mixed performance this week reversing the trend of previous week’s mixed performance. The yield on both the 91-day and 182-day bills were little changed this week as offshore investors’ participation in Cedi denominated bonds is perceived as risky in the face of continuous depreciation of the local currency against its major trading partner currencies.
The yield on the 91-day bill erased previous week’s tiny gain to post a marginal decline this week. It fell from 14.7106% last week to 14.7079%.
The yield on the 182-day bill recovered part of previous week’s 3 basis points (bps) loss to post a 1 bps gain. It rose from 15.1258% recorded last week to 15.1324% this week.
Week on week changes for 25th February, 2019
| 18-Feb-19 | 25-Feb-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.7106% | 14.7079% | -0.0027 | -0.0184% |
| 182 – Day | 15.1258% | 15.1324% | 0.0066 | 0.0436% |
Auction results from Bank of Ghana (BoG) tender 1630 further showed that demand for the government’s short-term Treasury instruments failed to beat the government’s target amount. Total bids tender and accepted for both the 91-day and 182-day bills came in at GHC 553.88 million against the government’s target amount of GHC 630.00 million.
As per its issuance calendar, the government also sold a 2-year term note at a yield of 19.7500% unchanged from the last issuance in early January, 2019. A total of GHC 457.10 million bids were tendered out of which the government accepted GHC 357.10 million.
Next week, the government is expected to increase its target amount to raise a total of GHC 958.00 million from 91-day, 182-day and 364-day bills.
Treasury Yield Curve
